Around the Horn. Assuming the following quotes, calculate how a market trader at Citibank with $$1,000,000$ can make an intermarket arbitrage profit.

Citibank quotes U$.$S$.$ dollar per pound

National Westminster quotes euros per pound

Deutschebank quotes U$.$S$.$ dollar per euro.

$$1\mathrm{.}5707=1\mathrm{.}00$

$1\mathrm{.}1967=1\mathrm{.}00$

$$0\mathrm{.}7285=1\mathrm{.}00$

Calculate the profit $($loss$)$ from the intermarket arbitrage profit through path #$1$ below: $($Round to the nearest cent.$)$

Path #$1$: US$ to euros to pounds to US$

Starting amount

Convert to euros at Deutschebank quote

Convert euros to pounds at NatWest quote

Convert pounds to US$ at Citibank quote

Arbitrage gain $($loss$)$

Calculate the profit $($loss$)$ from the intermarket arbitrage profit through path #$2$ below: $($Round to the nearest cent.$)$

Path #$2$: US$ to pounds to euros to US$

Starting amount

Convert to pounds at Citibank quote

Convert pounds to euros at NatWest quote

Convert euros to US$ at Deutschebank quote

Arbitrage gain $($loss$)$

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